There are two ways to model paying off your mortgage early.
Increase your total monthly payments toward your mortgage
Make a lump-sum transfer (PlannerPlus feature)
Increase your total monthly payments
NewRetirement automatically calculates your mortgage payment based on your mortgage balance and interest entered. Any amount beyond the calculated interest payment will be applied toward the principal.
Step 1: Go to My Plan > Home and Real Estate
Step 2: Open the Primary Residence section
Step 3: Press on the ✎ (pencil) to edit
Step 4: Increase the monthly payment field
Step 5: You can check the Estimated Payoff Date below the ZIP Code field and adjust your monthly payment to achieve your desired payoff date
Step 6: Press Save when complete
Make a lump-sum transfer to fund your mortgage paydown.
You can apply funds from a withdrawal towards mortgages. Any amount in addition to your monthly mortgage payment will be applied toward the principal.
Step 1: Go to My Plan > Money Flows.
Step 2: Open the Transfers section
Step 3: Press on "Add a Transfer +"
Step 4: Designate the From account (the account that will be tapped to pay down the mortgage)
Step 5: Designate the To account as the mortgage
Step 6: Enter a payment amount in future dollars (i.e. the amount you expect to transfer at the time of transfer)
Step 7: Specify at what age this transfer will take place
Step 8: Add a descriptive note
Step 9: Press Save
To check your payoff:
PlannerPlus members can go to the Expense Projection chart on Insights > Income & Expenses to see the year mortgage payments will end and make transfer/monthly payment adjustments accordingly